Current Status and Policy Direction of the Age-Friendly Industry in Korea

Abstract

Purpose - The purpose of this study is to explore and analyze the current status of Korea’s age-friendly industry (AFI), which is attracting attention as a solution to various social and economic problems caused by aging, and to find policy directions for the future.
 Design/Methodology/Approach - In order to understand the current status of the age-friendly industry in Korea, this study first investigated and analyzed nine industrial sectors classified by the government. It also looked at the current four major policies fostering this industry. Finally, based on the results of analysis, this study suggests future policy directions.
 Findings - Korea’s age-friendly industry did not fully consider the characteristics and needs of the elderly, and neglected many fields other than care services. In addition, it was still difficult for consumers to access this industry, and practical experts were not effectly nurtured. 
 Research Implications - Based on the results of the analysis, this study identified the problems of the current age-friendly industry in Korea. and suggested the following four policy directions: (1) a broader analysis of the characteristics and needs of the elderly, (2) the expansion of customized consulting for the diversification and quality improvement of age-friendly industrial products, (3) active private participation to increase accessibility to consumers and expansion of promotion centered on residential areas in the region, and (4) the introduction of a more practical expert training system through non-degree programs.